After conducting series of deep-dives in housing markets such as in Seattle, Denver, and Phoenix, for example, a general trend seems to be emerging. Major housing markets, like the three mentioned, and for this study — Las Vegas — all experienced supercharged housing activity from 2021 until mid-2022 and has since been cooling off a bit. The rub, however, is that, in most cases, the moderation in housing activity has still left home prices has historical highs when compared to pre-pandemic days. In many of these housing markets, available for-sale inventory has shot up from 2022 to 2023 — but that’s only making up for the plummeting stocks of available homes during the most heated phase of the pandemic-induced, homebuying frenzy.
The Las Vegas housing market is also ways interesting and was one of the biggest victims of the late-2000s housing bubble and crash. Thus, we wanted to turn our attention to “Sin City”, the metro area, and the housing markets of the key cities that make up the area. Based on data sourced from Redfin , we analyzed 12 major cities in the Las Vegas metro area, plus data for the Las Vegas metro area as a whole and the state of Nevada as a whole. The metrics we used to analyze these Las Vegas housing markets are discussed below.
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